User Account

All Pages

What is the value of work-in-process inventory on january 31

Assignment Help Accounting Basics
Reference no: EM133170461

Question - Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces.

Gallons

Beginning inventory 0

Started in January 157,000

Ending work-in-process inventory (70% complete) 19,000

Costs incurred in January follow.

Materials $160,775

Labor 27,000

Manufacturing overhead 77,000

All production at Luke's is sold as it is produced (there are no finished goods inventories).

Required -

a. Compute cost of goods sold for January. (Do not round intermediate calculations.)

b. What is the value of work-in-process inventory on January 31?

Reference no: EM133170461

Questions Cloud

Calculate the projected change in gross margin : On spreadsheet calculate the projected change in gross margin based on the estimated changes in cups sold. Show all intermediate calculations.
Kyoto protocol and copenhagen accord : There has been discussion about the pros and cons of climate treaties like the Kyoto Protocol and the Copenhagen Accord. There has been discussion about the adv
Calculate the size of each payment : A $5000.00 loan requires payments at the end of each quarter for five years. Calculate the size of each payment
What is the projects year net cash flow : The project is estimated to generate $1,990,000 in annual sales, with costs of $703,000. What is the projects year net cash flow
What is the value of work-in-process inventory on january 31 : Ending work-in-process inventory (70% complete) 19,000. What is the value of work-in-process inventory on January 31
Identify emerging skills : a. Discuss how you can identify their emerging skills and how the child indicates to you that the skill is emerging.
What would the effect be on the optimal solution : What would the effect be on the optimal solution if the requirement that at least 200 sandwiches of each kind be stocked was eliminated
Rankings of global competitiveness : The World Economic Forum publishes an annual Global Competitiveness Index that ranks the national competitiveness for leading countries.
Explain the importance of sales call planning : Q1: Explain the importance of sales call planning. List the four planning steps in order.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the weighted average contribution margin per unit

Hi-Tech Incorporated produces two different products with the following monthly data: Calculate the weighted average contribution margin per unit

  Determine the sales level in units

Determine the sales level in units at which the modified equipment will achieve $75,600 in after-tax operating income. Assume a tax rate of 30%

  What happens to amber beta

What happens to Amber's beta when the company changes its capital structure to Rp 30,000,000 debt and Rp 20,000,000 equity

  Calculate activity rates and determine the overhead cost

Calculate activity rates and determine the overhead cost per unit. Compare these costs with those calculated using the unit-based method

  What total cost should be recorded for the new shares

The share rights are accounted for separately and measured initially at fair value. What total cost should be recorded for the new shares

  Forecasting-weighted moving average

Using a weighted moving average with weights of 0.60, 0.30, and 0.10, find the July forecast. Using a simple three-month moving average, find the July forecast.

  What is the nexus of contracts view of the firm

Describe how accounting information is used in contracts between the shareholders and management. What is the nexus of contracts view of the firm?

  Determine the weighted-average contribution margin per unit

Tiago makes three models of camera lens. Its product mix and contribution margin per unit follow: Determine the weighted-average contribution margin per unit

  Which financial statements would these accounts appear on

In comparing the accounts of a merchandising company with those of a service company, Which financial statements would these accounts appear on

  Compute the yield to maturity on the old issue

Airborne Airlines Inc. has a $1,000 par value bond outstanding with 30 years to maturity. Compute the yield to maturity on the old issue

  Compute the amount indigo should report as net cash provided

Compute the amount Indigo should report as net cash provided (used) by investing activities in its 2020 statement of cash flows.

  What would the dollar amount be for liabilities

Question - If total assets are $50,000 and capital (owner's equity) is $20,000, what would the dollar amount be for liabilities

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd